Accountant General of the Federation, Jonas Otunla, explaining the shortfall in revenue after the FAAC meeting today
Nigeria's monthly revenue for the month of August has fallen by N260.512 billion "due to a drop in crude oil production and lifting operations as a result of Force Majured declared at Bonny Terminal and shutdown of Balema Gas plant and Trans Niger pipeline as well as decrease in Production Sharing contracts (PSC) and Modified Carry Arrangement."
The Accountant-General of the Federation, Jonas Otunla, who represented the Minister of State for Finance at the Federal Account Allocation Committee meeting held in the Federal Ministry of Finance on Friday said the revenue generated for the month of July was N825.396 billion while N564.884 billion was generated in the month of August.
Therefore, the revenue distributable for the month of August was augmented with N26.214 billion as a result of the shortfall in revenue, he said.
Out of the N527.443 billion shared by the three tiers of government, the Federal Government got N206.726 billion, states got N104.854, and Local Governments got N80.838 billion while N42.608 billion was set aside for derivation.
Mr. Otunla said the Excess Crude Account is now $8.03 billion.
He added that N35.549 billion was proposed for distribution under the SURE-P programme, while the N7.617 billion refunded by the NNPC was also distributed.